Sub2 Mobile Home - Posted by Kevin - WA

Posted by JeffB (MI) on April 27, 2006 at 07:27:11:

In Michigan, no changes can be made on the title at the DMV without written consent from the lienholder. Not sure if this applies in other states as well.

Also, if your sales tax figure is $5k I am frightened to hear what you are paying for this mobile home. This is a different animal than stick-built investing, values are all over the place but generally speaking there is a huge spread between the retail and wholesale markets, and financing is very hard to come by. Most owners in newer homes are way upside-down. For this reason, Sub2 investing is rarely a consideration due to the unfavorable risk/reward.

Now if this is a mobile home on land that changes everything but I suspect it is not based on the details you’ve presented.

Good luck,

Sub2 Mobile Home - Posted by Kevin - WA

Posted by Kevin - WA on April 26, 2006 at 22:34:24:


I have done several real property deals, but have a mobile home deal coming up and I need to know how to structure it.

Basically, the owner wants to leave town and have me take over her payments. I will put a tenant-buyer in there and have her pay the mortgage, then sell on a lease-option in a year.

My question pertains to taking title. This is a bit different - it is personal property. I don’t want to have to pay “sales tax” on the whole amount, that could be $5K. But, I need to get the seller off the title at the DMV. I am thinking that maybe I could use some type of trust, then transfer the beneficial interest?

Anyway, I don’t want to reinvent the wheel, so I figured I would check with the experts. I am in WA, if that matters.